Despite a tough lending environment, Freedom also helped more than 316,000 borrowers secure financing in 2024, including thousands of first-time homebuyers and veterans. Additionally, the company assisted 50,000 borrowers with loan modifications or partial claims.
Rocket Mortgage still had a strong year, reporting a 28% increase in net rate lock volume, generating $100.8 billion in that category, along with a 29% increase in closed loan origination volume compared to the previous year.
Despite this growth, its focus on retail lending may have put it at a disadvantage against Freedom’s aggressive MSR acquisitions and correspondent lending expansion.
“Despite challenging market conditions, we strategically grew our correspondent and bulk acquisition channels, driving tremendous growth in the servicing portfolio,” Freedom president and CEO Stanley Middleman said in a media release. “I’m proud of how our dedicated employees worked together, and, once again, gave back to local communities across the country.”
While Freedom’s performance was unexpected, UWM remains the market leader. The lender reported $139.4 billion in total originations in 2024, up nearly 29% from 2023. Its mortgage servicing rights portfolio grew to $242.4 billion, with a weighted average coupon rate of 4.76%.
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